Borroloola West Project Group Annual Mineral Exploration Report GR121-13 11 April 2014 to 10 April 2015

Abstract

This annual report for the period 11 April 2014 to 10 April 2015 covers the mineral exploration completed by Pacifico Minerals Ltd (Pacifico) on fifteen granted Exploration Licences of the Borroloola West Project Group Report Number GR121-13. Work completed includes reconnaissance geological mapping, rock chip and soil sampling, an airborne geophysical survey and subsequent geophysical re-processing, and interpretation of the acquired airborne geophysical data. The Borroloola West Project, which is under a farm-in Joint Venture (JV) agreement between Sandfire Resources NL and Pacifico Minerals Ltd (formerly West Rock Resources Ltd), also includes the application Exploration Licence EL 26599 and granted Mining Lease MLN 624 at Coppermine Creek within EL 26938. The Strategic Alliance Agreement with Cliffs Natural Resources Inc. was terminated in February 2014 and Pacifico executed the Deed of Settlement in January 2015. The project area lies within the Batten Trough of the Middle Proterozoic Sediments of the Tawallah, McArthur and Roper Groups of the McArthur Basin, the Lower Proterozoic Scrutton Volcanics, and Cretaceous and Tertiary Cover Sediments. During 2014, Pacifico primarily focused on reconnaissance mapping and minor geochemical sampling of Proterozoic rocks and mineralisation styles of the McArthur Basin in the southern areas of the tenement package and interpretation of geophysical data from the airborne survey conducted by Geotech Ltd. over prospective areas. A diamond and RC drilling program is planned for the later half of 2015 to extend known Cu mineralisation at the Coppermine prospect (MLN 624) and evaluate new Cu-Pb-Zn targets at the Berjaya and Bing Bong prospects (EL 28508 and EL 24401 respectively). The drilling program is designed from an accumulation of results and interpretations from previous work (2014 Annual Report) and recent field and desktop studies during 2014 - 2015. Two field investigations were undertaken in the reporting period. These involved validation of existing geological maps, gaining an understanding of the distribution of the favourable Barney Creek Formation and ground truthing areas flown by the geophysical survey with the aim of identifying any signs of alteration, mineralisation and structure. The highest copper value of 10.8 percent was obtained from the Coppermine prospect, whilst the Berjaya prospect returned a copper value of 0.98 percent. During 2014 Geotech Ltd. carried out a helicopter-borne VTEM and magnetic survey (536 line-kilometres) over the Berjaya, Four Mile and Mariner North survey areas (EL 28508, 28658 and 26938). PGN Geophysical consultants conducted an assessment of the new data covering the Berjaya prospect and identified EM anomalies relating to potential mineralisation which ground inspection has confirmed with oxidized sulfide mineralisation.